Jumbo loans are larger mortgages for more expensive home purchases. What is and isn’t deemed “expensive” is determined relative to the market price of real estate in the area. Jumbo loans usually have more strict requirements than regular loans (called “conforming” mortgages because they conform to the area’s typical price range).
In most of the United States, jumbo loans apply to amounts borrowed over $453,100. The threshold is even higher ($679,650) in the country’s most expensive locations.
At WBM, we underwrite our own jumbo loans. This means that:
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